Summary of CELERA CORP - Yahoo! Finance

Results of Operations and Financial Condition, Financial Statements and Exhibits

Item 2.02 Results of Operations and Financial Condition

On May 6, 2009, Celera Corporation ("Celera" or the "Company") issued a news release announcing its financial results for the first quarter of 2009. A copy of the news release is attached hereto as Exhibit 99.1.

To supplement the Company's financial results presented on a U.S. GAAP basis, the Company's news release contains non-GAAP financial measures, including non-GAAP income (loss) before income taxes, non-GAAP net income (loss) and non-GAAP diluted net income (loss) per share.

To derive non-GAAP net income for the three-months ended March 28, 2009, the Company excluded the income related to the accretion of the discount associated with the termination of the Abbott strategic alliance agreement, employee-related charges, amortization of purchased intangible assets and the tax effect of these items, as well as the effect of a change in the state tax rate. To derive non-GAAP net loss for the three-months ended March 31, 2008, the Company excluded employee-related charges, asset impairments and other, amortization of purchased intangible assets, loss on investments, gains on a legal settlement and the tax effect of these items, as well as the tax effect of R&D tax credits.

The Company's management believes these non-GAAP financial measures provide useful information to investors regarding various financial and business trends relating to the Company's financial condition and results of operations, and that when GAAP financial measures are viewed in conjunction with non-GAAP financial measures, investors are provided with a more meaningful understanding of the Company's ongoing operating performance.

Pursuant to the requirements of Regulation G, the Company has provided reconciliations within the news release and financial schedules of historical non-GAAP financial measures to the most directly comparable historical GAAP financial measures. However, in the case of forward-looking non-GAAP financial measures, the Company has not provided corresponding forward-looking GAAP financial measures. The Company cannot predict the occurrence, timing, or amount of all items that it excludes from forward-looking non-GAAP financial measures but which could potentially be significant to the calculation of the Company's GAAP financial measures for future fiscal periods. Management does not intend the presentation of these non-GAAP financial measures to be considered in isolation or as a substitute for GAAP financial measures. These non-GAAP financial measures should be read only in conjunction with the Company's consolidated financial statements prepared in accordance with GAAP.

The information furnished pursuant to this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or under the Securities Exchange Act of 1934, as amended, regardless of any general incorporation language in any such filing, unless the Company expressly sets forth in such filing that such information is to be considered "filed" or incorporated by reference therein.